Shoppes at Rivergate sells for $12.1 million

Oct. 24, 2013

Written by

The Tennessean

A New York-based investment company recently acquired The Shoppes at Rivergate off Gallatin Pike for $12.1 million.

The shopping center, with tenants such as DSW Designer Shoe Warehouse, Bed Bath & Beyond, and American Signature Furniture, is Garrison Investment Group’s first in Nashville.

“It’s a pretty stable shopping center,” said Jim Morris, a retail capital markets broker with the Nashville office of commercial real estate services firm CBRE, who previously sold Garrison a shopping center in Decatur, Ala. “The (Rivergate) market has solidified because vacancy has shrunk over the last few years.”

The acquisition comes less than two months after a partnership led by Israeli investors and including their Atlanta-based partner Hendon Properties acquired RiverGate Mall and the adjacent Village at Rivergate shopping center for $75.7 million.

Charlie Hendon, general partner in that new ownership entity, said an analysis is ongoing that could lead to an expansion of the mall.

Seller Kimco Realty Co. had owned The Shoppes at Rivergate since around 1997, when a subsidiary of the New York-based real estate investment trust bought that shopping center for $15.1 million.

Locally, Kimco also owns Old Towne Village at Old Hickory Boulevard and Gallatin Road in Madison where Wal-Mart and Old Time Pottery are the two anchor tenants.